Phantom, the popular Solana-based wallet, has launched a new USD-backed stablecoin called CASH. The initiative is a partnership with payments giant Stripe and stablecoin infrastructure firm Bridge, utilizing an open-issuance model.

This move positions CASH as the default stablecoin for Phantom's more than 15 million users. The project aims to bridge the gap between cryptocurrency and real-world utility, with features like deep onchain liquidity, support from tier-1 market makers, and integrations with Solana's DeFi ecosystem. A key innovation is the revenue model, which allows developers and businesses that originate CASH to retain the net revenue, creating a direct incentive for ecosystem growth.

To further drive adoption, Phantom is introducing a new suite of money movement features. These include virtual and debit cards, instant bank funding, and peer-to-peer (P2P) payments, all integrated directly within the wallet. Stripe Checkout acceptance is also planned for the near future, which would significantly expand the stablecoin's usability for online payments.

This launch signals a strategic push by major players to build a more open and user-friendly financial system on public blockchains. By combining the reach of a popular crypto wallet, the power of a global payments network, and an innovative incentive structure, CASH could set a new standard for stablecoin utility and adoption.